The Victorian Government is investing $16.4 million to accelerate planning and approval processes to ensure the supply of new housing in Victoria more than meets the annual demand.
Treasurer Tim Pallas today announced Victoria was taking the lead on improving housing affordability and would extend its Streamlining for Growth Program for three more years to reduce red tape and encourage housing development in key areas.
The program was developed and administered by the VPA for the 2016/17 financial year. Following on from its success, it is being extended for a further three years.
The program has already made significant progress with 35 projects benefitting from reduced red tape, speeding up subdivision approvals from councils and utilities.
The goal is to keep a four-month stock of lots for sale to create a more competitive market. A recent surge in sales has left the market under supplied.
The program will include a major focus on strategic sites in established suburbs, many of which have remained undeveloped for far too long.
Speaking at a housing industry forum on 1 February, the Treasurer also confirmed that the will ensure a strong pipeline of zoned land capable of meeting 15 years supply in Melbourne’s growth corridors.